After quite a long break, I've spoken to Chris Coles of BDO again about progress on paying out on the ring-fenced fund to Highbury creditors. After admitting that paying out by Christmas last year was hopelessly optimistic, he now thinks BDO should be able to pay out within a couple of months. He says:
“Because of the way it was set up, it raised some complicated issues. At first view, it was simple and quick, but it's just delayed it.”
There are still some technical issues to overcome to with tax liability and determining whether there are any separate classes of creditors, but BDO has definitely been appointed by the courts to deal with the issues.
Not sure how much to rely on that “two months” thing with Christmas coming up, but fingers crossed it won't be too much longer now.